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Chapter 4 Industrial
| Term | Definition |
|---|---|
| Entrepreneurs | people who invest money in a product or enterprise to make a profit |
| Protective Tariffs | taxes that would make imported goods cost more than those made locally |
| Laissez Faire | policies which allowed businesses to operate under minimal government regulation |
| Patent | a grant by the federal government that gives the inventor of something the exclusive right to develop, use, and sell an invention for a set period of time |
| Bessemer Process | method developed in the mid 1800s for making steel more efficiently |
| Suspension Bridge | bridges where the road is suspended by steel bridges |
| Time Zones | 24 separate areas, one for each hour |
| Mass Production | systems for turning out a large numbers of products quickly and inexpensively |
| Corporation | a number of people share the ownership of a business |
| Monopoly | complete control of a product or service |
| Cartel | businesses making the same product agree to limit their production, and thus keep prices high |
| Horizontal Integration | system of consolidating many firms in the same business |
| Trust | companies assign their stock to a board of trustees, who combine them into new organizations |
| Vertical Integration | system of consolidating firms involved in all steps of a products manufacture |
| Social Darwinism | belief in nineteenth century that certain nations or races were superior to others and should rule over them |
| Interstate Commerce Commission (ICC) | first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures |
| Sherman Antitrust Act | outlawed any trust that operated "in restraint of trade or commerce among the several states." |
| Sweatshop | small,dirty,dark factories where a lot of people worked long hours |
| Company Town | houses around a workplace that is owed by businesses and rented out to the employees |
| Collective Bargaining | negotiating as a group for higher wages or better working conditions |
| Socialism | economic and political philosophy that favors public rather than private control of land |
| Knights Of Labor | organize all workers and focused on broad social reforms |
| American Federation of Labor (AFL) | labor union that put people in specific skills and made small demands rather than big changes |
| Haymarket Riot | 1886 labor-related protest in chicago which ended in deadly violence |
| Homestead Strike | 1892 strike against carnegie's steelworkers in homestead/ pennsylvania |
| Pullman Strike | violent 1894 railway workers strike which began outside of chicago and spread nationwide |
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